Many people put off writing their will because it’s often believed to only be useful later in life. This misconception has caused trouble for many heirs when their loved ones suddenly face health complications at a young age or are in fatal accidents. But, more reasons cause people to wait on writing their will than just age.
So, why do people put off writing a will? Is it fine to put off writing a will? When should you write a will? Here’s what you should keep in mind:
A will and estate planning isn’t just about money
People don’t just put off writing their will because they think it only matters when they get older. They might put it off because they think writing a will is only for the wealthy, which it’s not. A good estate plan not only establishes how assets are distributed but also determines who the power of attorney is if there are difficulties with someone’s health.
Without a will, the state will control your assets
Most people believe it’s best to let their assets be distributed by family. If you don’t write a will, upon your death, however, the state will take over distributing your assets. Typically, this will mean your assets will be distributed according to state law, not necessarily how you would prefer.
Your family may have little control over how assets are distributed if the state takes over. There may be assets that you feel should go to someone specific — and they could be left out entirely. The process will also be time-consuming, which can cut your family off from the money they need after your death.
Writing a will is a job for the right person
Nobody should write a will without experienced legal help. There are specific rules on how a will should be made, otherwise, your family and loved ones may find it difficult to retrieve their inheritance.